ESM hosts workshop: "Cross-Border Capital Flows and Capital Markets Union"
Luxembourg, 8 December 2017
Deep and integrated financial markets are key for the smoothing of economic cycles across countries, financial stability and the transmission of monetary policy. Yet, despite some recent improvements, the degree of financial integration in European capital markets remains limited. This is evidenced, for instance, by the large fragmentation of retail credit markets, subdued cross-border private risk sharing, and persistent home bias in portfolio allocations.
This workshop looked at the need and the main challenges ahead to accelerate the integration of European capital markets. This involves understanding recent capital flows dynamics in the region, and discussing how to build more efficient market infrastructures, broaden access to market financing, and unlock idle capital for investment purposes.
ESM co-hosts workshop: "Enhanced Fiscal Integration in the EMU?"
Jointly organized by the European Commission (DG ECFIN), the German Council of Economic Experts, and the European Stability Mechanism.
Brussels, 19 September 2017
The workshop contributed to the understanding of how fiscal policy can be better conducted in the Member States and integrated within the euro area as a whole, which is one of the main topics associated with the debate on the future of the Economic and Monetary Union. Scholars and experts discussed, at technical level, the European experience with fiscal policy coordination, and the instruments potentially enhancing the European fiscal framework, in particular in the areas of fiscal capacity and fiscal risk sharing.
Link to the conference procedings on the European Commission's website
The 1st Joint Regional Financing Arrangements (RFAs) Research Seminar
The inaugural Joint Regional Financing Arrangements (RFAs) Research Seminar co-organised by the ASEAN+3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (ESM), and the Fondo Latinoamericano de Reservas (FLAR), was held at the Fullerton Hotel in Singapore. The seminar is an annual event aiming to bring academics and institutions together to discuss key issues pertaining to global and regional financial stability.
Singapore, 7 September 2017
AMRO Director Chang and ESM Managing Director Regling delivered the opening remarks and keynote speech, respectively. The full-day event comprised three sessions. The first session, led by AMRO Chief Economist Hoe Ee Khor focused on the methodology, current practices and challenges pertaining to economic surveillance. Chaired by ESM Chief Economist Rolf Strauch, the second session discussed lessons learnt from the past for future crisis prevention. The last session, led FLAR Director of Economic Studies Carlos Giraldo, discussed crisis management with a focus on liquidity provision and moral hazard concerns.
Among the discussants and speakers were renowned academics and experts, representatives from international, regional and national organizations, and the private sector.
International Capital Flows
Jointly organized by CREI, the Barcelona Graduate School of Economics, and the European Stability Mechanism, as part of the 2017 Barcelona GSE Summer Forum, at the Barcelona Graduate School of Economics
Barcelona, 8-9 June 2017
This workshop discussed recent theoretical and empirical advances in the study of international capital flows. The topics of papers presented at the workshop included financial crises and capital flows, sovereign debt crises, the interaction of public and private capital flows, and the effects of capital controls
How much of a fiscal union for the EMU?
Jointly organized by Banco de Espana, the International Monetary Fund and European Stability Mechanism, as part of the Horizon 2020 ADEMU (A Dynamic EMU) project, at the Bank of Spain Headquarters, Madrid.
Madrid, 18-19 May 2017
The conference gathered researchers and policy makers, who presented and discussed current research, and debated policy experiences and proposals. It also examined how recent political events and current trends could affect the EMU design and its economic policies.
Debt Sustainability and Lending Institutions
A workshop jointly organised by Cambridge University, the Centre for Economic Policy Research, and the European Stability Mechanism, as part of the Horizon 2020 ADEMU (A Dynamic EMU) project, at the Cavonius Centre, Gonville and Caius College, Cambridge University.
2 - 3 September 2016
The workshop aimed to bring together leading scholars to discuss theoretical and empirical issues in sovereign debt sustainability. In particular, papers dealt with debt maturity structure, official lending and crisis resolution frameworks. The goal was to identify priorities for both future research and policy-making as it relates to recent developments in the euro area and multilateral lending frameworks.